Page 12 - Minerals

Vedanta, Jindal Power, Ola joins first tranche of critical minerals auction

Mining major Vedanta, Jindal Power and state-owned NLC India are among the players which participated in the first tranche of the auction of critical minerals, Union Minister Pralhad Joshi said on Thursday. A total of 56 bids were received for 20 critical and strategic blocks put on auction in the first tranche launched in November 2023, the minister told reporters after the lunch of the second tranche of the auction of critical and strategic minerals. Around 180 enquiries came from interested parties and 56 bids have been received from companies like Vedanta, NLC, Shree Cement, Dalmia, and Jindal Power, he said. The list includes a number of EV players also like Ola Electric, he said. In the first tranche, 20 mineral blocks including lithium were put on auction. Of these 16 have been put up for grant of composite licence and four for grant of mining lease.

Govt amends to MMDR Act for royalty on 12 critical, strategic minerals

The Union Cabinet on Thursday approved the amendment in the MMDR Act to specify the royalty rate on 12 critical and strategic minerals, an official statement said. A decision in this regard was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, the Ministry of Mines said in a statement. "The Union Cabinet... approved the amendment of Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) for specifying rate of royalty in respect of 12 critical and strategic minerals," the statement said. The 12 critical and strategic minerals are beryllium, cadmium, cobalt, gallium, indium, rhenium, selenium, tantalum, tellurium, titanium, tungsten, and vanadium, it said. This completes the exercise of the rationalisation of royalty rates for all 24 critical and strategic minerals, the Ministry said. The government notified the royalty rate of four critical minerals, namely glauconite, potash, molybdenum and platinum group of miner

Offshore mineral blocks' auction process to begin in 2-3 months: Secy

The government will begin the auction process for offshore mineral blocks in the next two-three months, Mines Secretary V L Kantha Rao said on Thursday. "...Ministry of Mines will start the auction process in next 2-3 months for these offshore blocks," he said. The government already has 35 offshore mineral blocks identified by the Geological Survey of India (GSI) for auction, Rao said, adding that 24 more blocks are in the pipeline which will be given to the mines ministry for sale, an official statement said. "As the process of auctioning of offshore blocks for exploration and exploitation is a new domain, for this initiative to succeed in a meaningful way, Mines Ministry is working on the Amendments in the Offshore Areas Mineral (Development & Regulation) Act, 2002," he said. Moreover, the Centre is also in the process of developing a standard operating procedures to be followed if a private sector bidder wins the block for exploration, Rao said. The secretary was speaking at a

Mongolia's India-assisted refinery on track for 2026 launch: Ambassador

Mongolia's ambassador to India Dambajav Ganbold has said the India-funded greenfield oil refinery project in South Gobi is on track and will be operational by 2026. However, he acknowledged some delays from the Indian side in delivering products for the refinery plant. "Of course, there are some delays from the Indian side in delivering the products, but overall, the project is progressing well," he told PTI. "It is crucial for our relations, and we eagerly look forward to its completion." With a USD 1.2 billion line of credit announced by India during Prime Minister Narendra Modi's visit to Mongolia in 2015, the refinery's construction has been delayed by 1.5 years due to COVID-19. "The work on the refinery project is going well. Because of COVID, it has been delayed by one and a half years. We believe that it will be operational by 2026," Ganbold said. The refinery aims to reduce Mongolia's reliance on Russian oil imports. Upon completion, it will have a capacity of 30,000 barre

Interim Budget: Critical minerals supply chain security takes prominence

In her Budget speech, the Finance Minister's emphasis on critical minerals signals a government commitment to achieving self-reliance in the supply of minerals crucial for cutting-edge technology

Pentagon plans AI-based program to estimate prices for critical minerals

The program, which received little attention after it was announced on a Pentagon website in October, is part of Washington's broader efforts to jumpstart U.S. production of critical minerals

Centre asks GSI, others to increase pace of mineral blocks exploration

The government on Monday asked the Geological Survey of India (GSI) and other agencies to speed up exploration of mineral blocks. Speaking at the 63rd Central Geological Programming Board (CGPB) meeting, Mines Secretary V L Kantha Rao urged state governments to be more aggressive in the implementation of exploration projects through the National Mineral Exploration Trust (NMET) funding. The GSI and other exploration agencies should increase the pace of exploration of critical minerals, Rao said. He further urged stakeholders to make use of geoscience data available in the National Geoscience Data Repository (NGDR) portal for a smooth exploration process, the mines ministry said in a statement. The GSI has formulated about 1,055 scientific programmes for 2024-25, including 392 mineral development projects that have the potential to generate auctionable mineral blocks, in the near future.

State-owned KABIL signs $24 mn lithium exploration deal in Argentina

The deal, signed with an Argentinian state-run enterprise, gives KABIL exploration and developmental rights for commercial production

The impetus should originate in states: Union minister Pralhad Joshi

In an interview with Nitin Kumar, Union Minister Pralhad Joshi says the government has taken proactive steps to develop a secure supply chain for critical minerals

Potential bidders set to get three chances in offshore mineral auction

The Ministry of Mines, has also restricted the bid security for 'Production Lease' to Rs 10 crore, contrasting with the Rs 50 crore limit for onshore auctions

India set to acquire five lithium blocks in Argentina spotted by KABIL

"Talks are in the final stages, and a proposal has been submitted to the Cabinet Committee on Economic Affairs for approval," said government officials aware of the development

In a first, exploration licences to private agencies for mineral projects

A total of 17 projects, including 11 of critical minerals, provided to the five NPEAs are in Maharashtra, Madhya Pradesh, Chhattisgarh, Odisha, Gujarat and Karnataka

Digging deeper: Govt expects production of critical minerals in 4 years

Govt aims to expedite processes to hasten clearances, auction

Critical mineral imports rise as shift towards green energy catches pace

India eyeing self-reliance amid supply risks from China

Govt advances ASP standardisation for critical and strategic minerals

The government on November 29 initiated the process to auction the first tranche of Rs 45,000 crore worth of 20 blocks of critical and strategic minerals

From Tata Steel to NMDC, big firms weigh bids for critical mineral blocks

Tata Steel, Vedanta, NMDC among mining giants exploring the opportunity

Govt notifies 16 pvt exploration firms for critical, deep-seated minerals

In a bid to encourage private participation in exploration endeavours, the government will provide a financial incentive of up to 25 per cent of the approved cost of exploration

Mineral output rises 11.5% in Sept: Data of Indian Bureau of Mines

Mineral production increased by 11.5 per cent in September as compared to the year-ago period, the government said on Tuesday. The index of mineral production of the mining and quarrying sector for the month of September 2023 at 111.5, is 11.5 per cent higher compared to the level in the month of September 2022, according to the provisional data of the Indian Bureau of Mines (IBM). The cumulative growth for the April-September period over the corresponding period of the previous financial year is 8.7 per cent, the mines ministry said in a statement. The production of important minerals in September includes coal (673 lakh tonnes), lignite (29 lakh tonnes), manganese ore (247,000 tonnes) and limestone (347 lakh tonnes). The minerals that showed positive growth during September this year include manganese ore, gold, iron ore, coal and limestone. Minerals that registered negative growth include petroleum (crude) magnesite and phosphorite.

Centre says 125 new projects taken up for exploration of critical minerals

The government on Wednesday said 125 new projects have been taken up in the current financial year for exploration of critical minerals. There is high demand for critical and strategic minerals, and the demand is usually met by imports. Critical minerals are used in various sectors, including renewable energy, defence, and agriculture. "I am happy to announce that this financial year, we have taken up 125 new projects for exploration of critical minerals," Mines Secretary V L Kantha Rao said at an event here. Further, he said the government is offering an incentive of 25 per cent on discovery of critical minerals by exploration agencies. Recently, 24 minerals were notified as critical and strategic minerals through an amendment in the mining rule. India has committed to achieving 50 per cent of cumulative installed electric power capacity from non-fossil sources by 2030.

Mineral output index increases by 12.3% to 111.9 in August: Centre

India's mineral output increased by 12.3 per cent in the month of August as compared to the same month a year ago, the Centre on Monday said. The index of mineral production of the mining and quarrying sector for the month of August 2023 at 111.9, is 12.3 per cent higher as compared to the level in the month of August 2022, according to provisional data from the Indian Bureau of Mines (IBM). The cumulative growth for the April- August period over the corresponding period of the previous financial year is 8.3 per cent, the mines ministry said in a statement. In the month of August, the country's coal output was 684 lakh tonnes, lignite production was 28 lakh tonnes, bauxite was 14.28 lakh tonnes among others. Minerals like gold, phosphorite, manganese ore and iron ore showed positive growth. "Minerals showing negative growth include bauxite, zinc conc, lignite and lead.